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10Nov 2017

 

The Board of Directors approved the results as at 30 September 2017. NAV equal to Euro 30.5 million. Ebitda equal to Euro 0.6 million. Net Result amounted to Euro -0.27 million

  • Revenues amounted to € 2.7 million (€ 51.3 million for the Italeaf Group consolidated)
  • EBITDA equal to € 0.6 million (€ 7.3 million for the Italeaf Group consolidated)
  • EBIT amounted to € 0.13 million (€ -7.8 million for the Italeaf Group consolidated)
  • EBT equal to € -0.36 million (€ -12.2 million for the Italeaf Group consolidated)
  • Net Result amounted to € -0.27 million (€ -8.2 million for the Italeaf Group consolidated)
  • Shareholders’ Equity amounted to € 5 million (€ 58.2 million for the Italeaf Group consolidated)
  • NFP of € 16 million (€ 103.8 million for the Italeaf Group consolidated)
  • NAV equal approximately to € 30.5 million

 

The board of directors of Italeaf, holding company and first Italian company builder active in cleantech and smart innovation sectors, listed on on NASDAQ OMX First North, has approved today the interim report as at 30 September 2017.

 

Financial highlights*

As at June 30, 2017 As at June 30, 2016 Change %
 in Euro
 Revenues from sales and services 2,654,574 3,153,387 -15.8%
 EBITDA 592,481 809,754 -26.8%
 EBIT 133,441 358,325 -62.8%
 EBT (355,666) (3,121,561) -88.6%
 Net profit/(loss) (265,918) (2,627,066) -89.9%
    As at December 31, 2016
 Shareholders’ equity 28,474,172 27,040,087 +5.3%
 Total net financial debt 16,041,048 17,007,361 -5.7%

*Separated Interim Report prepared in accordance with accounting principles ITALIAN GAAP

 

The NAV of Italeaf amounted to Euro 30,5 million as at September 30, (-7%; Euro 32.8 million at 30 June 2017); Nav per share Euro 1.78 million.

 

The Interim Report as at September 30, 2017 in full version and in English will be published on the Company’s website and on Nasdaq Inpublic, attached to this press release.

 press-release_intrep3h_2017-11-10report3q

 

30Oct 2017
  • Revenues of Euro 50.5 million, (Euro 61.4 million as at 09/30/2016)
  • EBITDA of Euro 7.3 million, (Euro 11 million as at 30/09/2016) with EBITDA margin to 14.51%
  • EBIT of Euro -7.3 million, (Euro 6.2 million as at 09/30/2016)
  • Net Result amounted to -8.1 million, (Euro 0.4 million as at 30/09/2016)
  • Net Financial Position of Euro 87 million, Euro 11 million of which in short term (Euro 93.9 million as at 31/12/2016, of Euro 14.8 million which in short term)
  • Net equity amount to Euro 52.1 million (Euro 57.5 million as at 31/12/2016)

 

The Board of Directors of TerniEnergia, a company listed on the Star segment of the Italian Stock Exchange and part of Italeaf Group, met today with the chairmanship of Stefano Neri, approved the interim financial report as at September 30, 2017.

The Chairman and CEO, Mr. Stefano Neri, stated:

We consider these results unacceptable for the shareholders of TerniEnergia. The management has a solid intention to accelerate the implementation of very strong measures in the transition phase towards strategic repositioning and after this quarter of substantial blockage of activities, in order to recover competitiveness and change the Group’s performance“.

 

CONSOLIDATED RESULTS AS AT SEPTEMBER 30, 2017

Revenues amounted to Euro 50.5 million. The decrease compared to the first nine months of 2016 (Euro 61.4 million; -17.7%) is attributable to the substantial blockage of the core business of photovoltaic EPC.

EBITDA amounted to 7.3 million euros, down 33.3% compared to September 30,2016 (11 million euros).  The Ebitda Margin is equal to 14.51%.

Net operating income (EBIT) amounts to Euro -7.3 million (Euro 6.2 million as at September 30th, 2016), after amortisation, depreciation, provisions and write-downs of Euro 14.6 million (Euro 4.8 million in the same period of 2016). Write-downs are attributable partly to the suspension of EPC’s activities as a result of the decisions taken by the previous management and partly to the alignment of an asset to its impairment value.

Net Result amounts to Euro -8.1 million, compared to Euro 0.4 million as of 30 September 2016.

The Net Financial Position is equal to Euro 87 million (substantial improvement compared to Euro 93.9 million at 31/12/2016). The Non-current Net Financial Position amounts to Euro 75.2 million, while the short-term Net Financial Position amounts to Euro 11.7 million. The NFP/net equity ratio is 1.66x.

The Net Equity is Euro 52.1 million (Euro 57.5 million at 31/12/2016) and takes into account the treasury shares held in portfolio, which amount to 1,012,998 (2.15% of the share capital).

 

INDUSTRIAL RESULTS AS AT SEPTEMBER 30, 2017

In the photovoltaic sector, the revenues were mainly generated by power generation activities, operation and maintenance and the start of worksites in Tunisia and Zambia. In the environmental sector, are active the treatment and recovery plants for end-of-life tyres (ELT) at Nera Montoro and Borgo Val di Taro, the GreenAsm biodigestion and composting plant and, finally, the Purify groundwater purification plant at Nera Montoro. In the field of energy efficiency, the Copernico and Huntsman projects are being implemented, in addition to numerous projects in relation to which there are currently advanced negotiations with end customers and which will reasonably have an impact on the income statement in the coming quarters.

The Energy Management sector reported a significant increase in activities compared with September 30,2016 due to the effect of the increase in volumes of gas traded during the period. Finally, the industrial contribution guaranteed by Softeco Sismat and Selesoft Consulting, which contributed approximately 30% of the total in terms of revenues, should also be noted.

 

SIGNIFICANT EVENTS OCCURRED AFTER THE END OF PERIOD

Start of the IMOVE project for intelligent mobility coordinated by Softeco Sismat

On October 5,2017 TerniEnergia announced that Softeco Sismat, the Group’s digital company, will be at the head of the IMOVE research project, co-financed under the EU Horizon 2020 programme and aimed at experimenting and validating the Mobility-as-a-Service (Maas) model, through pilot projects in various European cities and regions. The project has a total cost of about 3.7 million Euros, fully financed by the European Union. The EU funding to Softeco is Euro 0.9 million.

Softeco Sismat underwrites contract for remote control services for Smart grids of primary Italian utility

On 9 October 2017, TerniEnergia announced that the Group’s digital company Softeco Sismat, in a temporary business partnership with leading companies in the sector, signed a corrective maintenance contract on behalf of leading Italian utility active in the network and Smart Grid management sector. The contract provides for the provision of remote control services for e-distribution networks for the 2017-2018 period for a total amount of Euro 0.84 million.

Launched transition plan for the strategic repositioning of the Group

On October 24,2017, the Board of Directors of TerniEnergia approved the measures to accompany the transition towards the strategic repositioning of the company. These measures provide for savings in company fixed costs of more than 2 million Euros on an annual basis and the disposal of some non-strategic assets. The BoD examined the probable effect of the above mentioned transitional measures, noting the provision for compliance with the financial covenants of the “TerniEnergia 2019” bond.

Co-optation of the Independent Director Stefania Bertolini

On 24 October 2017, the Board of Directors of TerniEnergia resolved to appoint Prof. Stefania Bertolini as independent director by co-optation, pursuant to article 2386 of the Italian Civil Code.

 

BUSINESS OUTLOOK

TerniEnergia has started actions aimed at strengthening the company’s economic and financial situation by 31 December 2017 and ensuring the optimization of the resources available in the delicate phase of the strategic repositioning. In addition to personnel management measures, with a consequent reduction in fixed costs, the actions aimed at the sale of non-strategic assets, identifiable in:

– non-controlling equity investments relating to photovoltaic plants with a total power of approximately 30 MWp; – Newcoenergy S. r. l., which owns the biodigestion plant under construction in Calimera (LE), for the treatment of organic waste for the production of biomethane;

– Greeled Industry SpA, active in LED lamps production.

In addition, the Company is working to identify existing industrial companies operating in the sector to spin-off and the EPC and O&M branch or branches of business (technical office, operating teams and equipment), so as to give continuity to the LOB “On Site Engineering and Services”, transforming fixed costs into variable costs and safeguarding employment levels.

TerniEnergia will complete the transformation process and will launch a phase of relaunching and reorganizing added-value businesses in the sector of smart services and solutions that allow the efficient use of natural resources. The repositioning of activities will also enable the development and production of smart technologies for the transmission and distribution of energy (smart grid), the flexible and timely management of production and energy consumption, energy efficiency, management of renewable energy and clean tech (energy islands). So, it will be possible to integrate the activities in renewables, energy efficiency, asset and energy management with systems and innovative solutions with high added value, that allow to introduce new technologies in the industry capable of act as a bridge between the industrial and “physical” business and the digital and “virtual” too.

In the environmental sector, the group aims to complete the new liquid industrial waste treatment plant in Nera Montoro (TR), which will allow to intercept a substantial demand (58,000 cubic meters per year) in a high technological market segment, with high growth prospects.

TerniEnergia has begun a deleveraging process in order to strengthen its balance sheet, with the objective of guaranteeing the financial resources necessary to support development over the next years.

 

The Officer appointed for the preparation of accounting and corporate documents, Dott. Paolo Allegretti, states, pursuant to paragraph 2 of art. 154-bis of the consolidated Financial Act, that the accounting information that is contained in this press release corresponds to the results contained in the documents, books, and accounting records.

 

OTHER RESOLUTIONS OF THE BOARD

In today’s meeting, the Board of Directors reinstated the Control and Risks, Remuneration and Related Parties Committees, appointing Director Bertolini as a member of the above-mentioned committees, which are therefore composed of the Directors Mario Marco Molteni, Paolo Ottone Migliavacca and Stefania Bertolini.

 

 

TERNIENERGIA (TER.MI), established in September 2005, and part of Italeaf Group, is the first Italian smart energy company, committed to bring worldwide integrated and sustainable energy solutions. Organized into two straegic business units (Assets and Smart solutions and services), with about 400 employees and a geographic presence in almost the continents, with operational and sales offices,

TerniEnergia develops solutions, innovative products and services based on digital and industrial technologies for the energy sector. TerniEnergia, also through its subsidiaries (Softeco Sismat, Selesoft Consulting, Greenled Industry,GreenAsm, Purify, Wisave, Ant Energy), shall pursue the objectives of increasing energy production from renewable sources, energy efficiency and emissions reduction, as laid down by European environmental policy, and participates actively in the distributed power generation revolution and energy smart grids. TerniEnergia is the ideal partner for large utilities, distributors and grid operators, power producers, public authorities, industrial customers and investors who intends to carry out large projects for the production of renewable energy plants and modern systems with high energy efficiency, solutions for the management and maintenance of the infrastructure and the electrical systems. TerniEnergia, through a complete technological and commercial offer, develops and provides technologies, turn-key services and solutions for energy consumers in the public and private sectors. The company is listed on the STAR segment of the Italian Stock Exchange.

press-release_te-3q17-2017-10-30

24Oct 2017
  • Expected savings in company fixed costs of more than 2 million Euros on an annual basis and the sale of some non-strategic assets
  • Forecast of compliance with the covenants of the “TerniEnergia 2019” bond
  • Cooptation of the Independent Director Stefania Bertolini

 

The Board of Directors of TerniEnergia, a company listed at STAR segment of Borsa Italiana and part of Italeaf Group, which met today under the chairmanship of Stefano Neri, examined the measures to ensure the transition towards the strategic repositioning of the company, in accorsance with the new strategic guidelines 2018-2020 announced to the market on 28 September 2017.

The Board of Directors has evaluated a transition plan, to be implemented immediately, aimed at stabilizing the company’s economic and financial situation by December 31,2017 and ensuring the optimization of the resources available in the challenging phase of the change.

These actions, which confirm the strategic guidelines 2018-2020 and provide for savings in company fixed costs of over € 2 million on an annual basis, include:

  • personnel management through the use of social safety nets for one year and 45 employees, in order to optimise the transition towards strategic repositioning, with a reduction in costs compared to the collective redundancy plan;
  • potential sale of non-strategic assets, mainly related to the core business of the recent past, in order to obtain liquidity. These are, in particular, non-controlling investments in photovoltaic plants with a total power of approximately 30 MWp. The timeframe for defining this type of transaction on the secondary market varies between 3 and 8 months;
  • full or partial sale of Newcoenergy S.r.l., which owns the biodigestion plant under construction in Calimera (Lecce), for the treatment of organic waste for the production of biomethane. The possible sale of the construction site avoid the need for capital intensive investments which are not part of the new strategic course programmes;;
  • opportunities for the sale of Greeled Industry S.p.A.;
  • contribution in kind of the EPC and O&M branch or business units (engineering and technical office, operating teams and equipment) to existing industrial companies operating in the sector to give continuity to the LOB “On Site Engineering and Services”, transforming fixed costs into variable costs and safeguarding employment levels;
  • revision of the cost of service contracts, adapting to the new, smaller requirements.

The Board of Directors of TerniEnergia subsequently examined the probable effect of the above mentioned transitional measures, taking note of the provision for compliance with the financial covenants of the “TerniEnergia 2019” bond.

The Board resolved to appoint Prof. Stefania Bertolini as independent director by co-optation, in accordance with article 2386 of the Italian Civil Code. Stefania Bertolini, who will remain in office until the next Shareholders’ Meeting, declared that she possesses the requisites of independence and respectability provided for by the applicable legislation and by the Code of Conduct for listed companies. On the basis of these statements and the information available to the Company, the Board of Directors has assessed the abovementioned independence requirements for Director Bertolini, whose curriculum vitae can be found on the Company’s website (www.ternienergia.com).

 

TERNIENERGIA (TER.MI), established in September 2005, and part of Italeaf Group, is the first Italian smart energy company, committed to bring worldwide integrated and sustainable energy solutions. Organized into two straegic business units (Assets and Smart solutions and services), with about 400 employees and a geographic presence in almost the continents, with operational and sales offices,

TerniEnergia develops solutions, innovative products and services based on digital and industrial technologies for the energy sector. TerniEnergia, also through its subsidiaries (Softeco Sismat, Selesoft Consulting, Greenled Industry,GreenAsm, Wisave, Ant Energy), shall pursue the objectives of increasing energy production from renewable sources, energy efficiency and emissions reduction, as laid down by European environmental policy, and participates actively in the distributed power generation revolution and energy smart grids. TerniEnergia is the ideal partner for large utilities, distributors and grid operators, power producers, public authorities, industrial customers and investors who intends to carry out large projects for the production of renewable energy plants and modern systems with high energy efficiency, solutions for the management and maintenance of the infrastructure and the electrical systems. TerniEnergia, through a complete technological and commercial offer, develops and provides technologies, turn-key services and solutions for energy consumers in the public and private sectors. The company is listed on the STAR segment of the Italian Stock Exchange.

press-release_te-cda-2017-10-24

 

09Oct 2017
  • The agreement for a total value of Euro 0.84 million will involve the Group’s digital company in a temporary partnership with Siemens and Leonardo
  • Softeco Sisma twill provide solutions for corrective maintenance and inventory management on behalf of e-distribuzione SpA
  • The Group’s expertise in the Smart Solutions and Services sector has been recognized

 

TerniEnergia, a company listed on the Star segment of the Italian Stock Exchange and part of the Italeaf Group, announces that Softeco Sismat – the Group’s digital company -, in a temporary business partnership with Siemens and Leonardo, has signed a corrective maintenance contract on behalf of e-distribuzione SpA, an Enel Group company active in the network and smart grids management sector.

The contract provides for the provision of remote control services for e-distribution networks for 2017-2018 for a total amount of Euro 0.84 million.

In particular, the consortium between Siemens, Softeco Sismat and Leonardo, will be responsible for corrective, functional, emergency and maintenance services, specialist assistance and warehouse management of remote control systems and e-distribution.

The agreement with primary partners in the sector and the award of the contract testify to the acknowledged competence of the TerniEnergia Group as “technological enabler” in the Smart solutions and services for the energy sector and, in particular, for Smart grids, as set out in the strategic guidelines presented to the market on 29 September 2017.

 

TERNIENERGIA (TER.MI), established in September 2005, and part of Italeaf Group, is the first Italian smart energy company, committed to bring worldwide integrated and sustainable energy solutions. Organized into two straegic business units (Assets and Smart solutions and services), with about 400 employees and a geographic presence in almost the continents, with operational and sales offices, TerniEnergia develops solutions, innovative products and services based on digital and industrial technologies for the energy sector.

TerniEnergia, also through its subsidiaries (Softeco Sismat, Selesoft Consulting, Greenled Industry,GreenAsm, Wisave, Ant Energy), shall pursue the objectives of increasing energy production from renewable sources, energy efficiency and emissions reduction, as laid down by European environmental policy, and participates actively in the distributed power generation revolution and energy smart grids.

TerniEnergia is the ideal partner for large utilities, distributors and grid operators, power producers, public authorities, industrial customers and investors who intends to carry out large projects for the production of renewable energy plants and modern systems with high energy efficiency, solutions for the management and maintenance of the infrastructure and the electrical systems. TerniEnergia, through a complete technological and commercial offer, develops and provides technologies, turn-key services and solutions for energy consumers in the public and private sectors. The company is listed on the STAR segment of the Italian Stock Exchange.

press-release_teati_09-10-2017

 

05Oct 2017
  • The Group’s digital company at the head of a research project on the “Mobility as a service” paradigm, which received funding of approximately €3.7 million under the Horizon 2020 community programmes.
  • Softeco Sismat will receive Euro 0.9 million for the development of smart city solutions

 

TerniEnergia, a company listed at STAR segment of Borsa Italiana and part of Italeaf Group, announces that Softeco Sismat, the Group’s digital company, is at the head of the IMOVE research project (Unlocking Large-Scale Access to Combined Mobility through a European MaaS Network), co-funded by the EU’s Horizon 2020 programme and aimed at experimenting and validating the Mobility-as-a-Service (Maas) model, through pilot projects in different European cities and regions.

The project has a total cost of about 3.7 million Euros, fully financed by the European Union. EU funding to Softeco amounts to Euro 0.9 million.

Softeco Sismat acts as coordinator of a consortium of 14 partners from 8 European countries, including leading research institutions, the cities of Berlin, Gothenburg, Manchester and Turin, UITP, the International Association of Public Transport Authorities and Operators. The project will have a duration of 30 months.

Beside confirming its position as a European leading player for research and innovation in the sector of sustainable mobility, thanks to IMOVE Softeco will consolidate its competitive advantage and will further develop its offering of ICT and as-a-service products and solutions for sustainable mobility, a market segment already addresed by Softeco through a rich and articulated offering and an area of a rapidly growing interest for mobility operators and public authorities engaged in the development of advanecd solutions for the smart city.

An emerging model for the provision of smart, personalised and sustainable mobility schemes, Mobility-as-a-Service (MaaS) will allow citizens to benefit from advanced, integrated services combining multiple operators and service providers, public and private schemes, collective and individual transport, sustainable modes including wehicle sharing, lift sharing and electric mobility. A MaaS scheme is able to offer ad hoc, integrated “mobility packages” flexibly adapted to users’ needs and accessible according to multiple booking-payment-use models – from flat-rate subscription to travel packages, pay-per-use, etc. – meeting the specific requirements and interests of travellers.

 

 

TERNIENERGIA (TER.MI), established in September 2005, and part of Italeaf Group, is the first Italian smart energy company, committed to bring worldwide integrated and sustainable energy solutions. Organized into four business lines (Technical services, Energy management, Energy efficiency and Cleantech), with about 400 employees and a geographic presence in almost the continents, with operational and sales offices, TerniEnergia develops solutions, innovative products and services based on digital and industrial technologies for the energy sector.

TerniEnergia, also through its subsidiaries (Softeco Sismat, Selesoft, Greenled Industry,GreenAsm, Wisave, Ant Energy), shall pursue the objectives of increasing energy production from renewable sources, energy efficiency and emissions reduction, as laid down by European environmental policy, and participates actively in the distributed power generation revolution and energy smart grids.

TerniEnergia is the ideal partner for large utilities, distributors and grid operators, power producers, public authorities, industrial customers and investors who intends to carry out large projects for the production of renewable energy plants and modern systems with high energy efficiency, solutions for the management and maintenance of the infrastructure and the electrical systems. TerniEnergia, through a complete technological and commercial offer, develops and provides technologies, turn-key services and solutions for energy consumers in the public and private sectors. The company is listed on the STAR segment of the Italian Stock Exchange.

press-release_te-imove_2017-10-05

29Sep 2017

 

The Board of Directors approved the results as at 30 June 2017. NAV equal to Euro 33.5 million. Ebitda increased of 28.8%. Net Result amounted to Euro -0.2 million

  • Revenues amounted to € 1.9 million (€ 40.8 million for the Italeaf Group consolidated)
  • EBITDA equal to € 0.5 million (€ 6.9 million for the Italeaf Group consolidated)
  • EBIT amounted to € 0.2 million (€ -6.5 million for the Italeaf Group consolidated)
  • EBT equal to € -0.3 million (€ -9.9 million for the Italeaf Group consolidated)
  • Net Result amounted to € -0.2 million (€ -6.6 million for the Italeaf Group consolidated)
  • Shareholders’ Equity amounted to € 6 million (€ 60.4 million for the Italeaf Group consolidated)
  • NFP of € 8 million (€ 104 million for the Italeaf Group consolidated)
  • NAV equal to € 33.5 million

 

The board of directors of Italeaf, holding company and first Italian company builder active in cleantech and smart innovation sectors, listed on on NASDAQ OMX First North, has approved today the interim report as at 30 June, 2017.

 

Financial highlights*

As at June 30, 2017 As at June 30, 2016 Change %
 in Euro
 Revenues from sales and services 1,870,789 1,928,473 -3%
 EBITDA 471,846 366,354 28,8%
 EBIT 165,820 65,245 n.a.
 EBT (274,377) (3,262,516) -91.6%
 Net profit/(loss) (177,433) (3,314,038) n.a.
 Net working capital (1,178,419) (1,050,052) +10,9%
 Shareholders’ equity 28,562,656 27,040,087 +5,6%
 Total net financial debt 15,768,878 17,007,361 +7,8%

*Separated Interim Report prepared in accordance with accounting principles ITALIAN GAAP

 

The NAV of Italeaf amounted to Euro 33,5 million as at June 30, 2017, with an increase of 13.7% compared to December 31, 2016.

 

The Interim Report as at June 30, 2017 in full version and in English will be published on the Company’s website and on Nasdaq Inpublic.

 

Italeaf SpA is obliged to make public this information pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 22.00 CET on 29 September 2017.

press-release_intrep1h_2017-09-29

 

29Sep 2017

• THE PLAN AIMS TO DEFINE THE GROUP’S NEW IDENTITY AS A “GLOBAL SMART TECHNOLOGY ENABLER” FOR ENERGY AND ENVIRONMENTAL EFFICIENCY
• REVENUES FOR CIRCA 226 MILLION EUROS AND EBITDA MARGIN OF 16% IN 2020
• FOCUS ON DIGITAL TRASFORMATION, GRID BALANCING AND DEMAND RESPONSE MARKET ENTRY, SMART MICROGRID DEVELOPMENT, THE RELAUNCH OF ACTIVITIES IN ENERGY TRADING, THE DEVELOPMENT OF THE SMART MOBILITY SECTOR, EXPONENTIAL GROWTH IN SERVICE ACTIVITIES, DEBT REDUCTION, BALANCE SHEET REINFORCEMENT AND EFFICIENCY IN THE MANAGEMENT OF FIXED COSTS
• DELEGATED POWERS TO THE VICE PRESIDENT MR. GIULIO GALLAZZI AND TO THE EXECUTIVE DIRECTOR MS. LAURA BIZZARRI
• MAIN PLAN OBJECTIVES:
o EXPECTED REVENUES IN 2020: CIRCA 226 MILLION EUROS, WITH REPOSITIONING IN THE “SMART SOLUTIONS AND SERVICES” SECTOR BEING CRUCIAL IN CONTRIBUTING TO REVENUES
o EXPECTED EBITDA MARGIN: 16% IN 2020
o EXPECTED EBIT IN 2020: CIRCA 26 MILLION EUROS
o FURTHER SEMPLIFICATION OF THE GROUP’S ORGANISATIONAL STRUCTURE TO INCREASE VALUE CREATION
o TRANSITIONAL PHASE FOR THE COMPLETION OF THE UTILITY SCALE PHOTOVOLTAIC PROJECTS IN TUNISIA AND ZAMBIA

The Board of Directors of TerniEnergia, the smart energy company which is part of Italeaf Group and is listed on the Star segment of Borsa Italiana, has approved the guidelines of the new strategic three year plan for the 2018-2020 period.

The Vice President Mr Giulio Gallazzi, with powers for the financial aspects and the formulation of proposal for extraordinary transactions, stated:

The approved Plan is based on criteria of credibility and prudence, with regard to industrial and economic-financial aspects. The Board of Directors decided to proceed with a prudent and rational management of the transition, despite the fact that significant strategic changes have been planned and started towards a company with an increasingly higher technological content. The guidelines outlined above highlight clear and high potential prospects, which have already led to the identification of important development opportunities in Italy and abroad”.

*****

The plan is focused on the Group’s strategic repositioning, which thanks to the integration of digital companies Softeco Sismat and Selesoft, will complete the transformation from leader in the photovoltaic sector to smart energy company acting as a “technology enabler” for the efficient use of energy and resources.

The main objective of the plan is to reposition the Group towards providing services and solutions with greater added value and high technology content. Such activities allow for resource efficiency by developing and implementing solutions in the fields of power generation, energy saving, energy trading and sustainable mobility. Further to this the Group will continue to innovate and develop activities in renewable energy asset management as well as in energy efficiency and resource recovery in the environmental and cleantech sectors. There is therefore a clear prevalence of activities related to services and solutions with a high technological content over the activities that have characterised the Group in the past.

The strategic guidelines were drawn up before the natural expiry of the previous business plan, as a result of the acceleration of the transformation process of the core-business. This led to significant non-recurring writedowns, mainly related to international projects in the photovoltaic EPC sector, which affected the results of the half-year financial statements.

Expected growth is supported by an exponential increase in service activities (Consulting, Solutions, Management, On-site engineering and operations, Smart trading), including the relaunch of energy trading, which will account for over 90% of total revenues in 2020 (the consolidated revenues target for 2020 is circa 226 million euros) as well as for 75% of Ebitda in the next three years (Ebitda target in 2020 is circa 35 million euros, with Ebitda margin above 16%).

Foreseen Ebitda growth will be achieved thanks to the quality of the client portfolio and the consequent increase in turnover.

In terms of Ebit, the objective is to reach circa 26 million euros by 2020.

Forecasts were made considering medium and long term macroeconomic scenarios, the evolution of the energy sector and the expected digitalisation of electricity services and sustainable mobility. Activities will therefore principally be focused on emerging sectors which have high growth potential due to digital transformation and high demand for dedicated technologies. In view of this the following objectives have been set:

  • grid balancing and demand response (consumer and supply-side aggregator) market entry;
  • development of smart microgrids;
  • relaunch of energy trading activities;
  • development of the smart mobility sector;
  • significant increase in service and consultancy activities with high technology content.

Objectives will be reached also by reducing the impact of both general costs and capital intensive investments on turnover. Cost efficiencies will continue to be pursued through activities which aim to improve internal processes in relation to working capital, procurement, human resources and plant management.

The first step towards the semplification of Group structure, operational efficiency and reduced complexity is a reduction of the number of SBUs (Strategic Business Units) from four to two: (1) Assets (which includes power generation activities and the management of environmental sector plants for resource recovery and recycling) and (2) Smart Solutions and Services (organised according the the following LOBs: Consulting, Solutions, Management, On-site engineering and operations, Smart trading).

The Board of Directors has delegated to the Vice President, Mr. Giulio Gallazzi the power to take care of the financial matters and formulate proposals for extraordinary transactions relating to them. The powers of the Executive Director, Laura Bizzarri, have also been extended with the conferral of ordinary administration powers with a limit of Euro 2 million per transaction.

These measures, together with further actions such as the withdrawal – as per the decision of the Board of Directors – of the collective layoffs announced in August, the definition of a personnel management plan supported by the “Cassa Integrazione straordinaria” redundancy fund and the completion of the utility scale photovoltaic plants in Tunisia and Zambia, will give greater flexibility to the Group and a more rationalised allocation of costs, therefore adding value to the project backlog. Expansion of the Group’s presence in Milan is also planned in order to improve access to the growing worldwide market for smart technologies.

Central to the new plan will be maintaining a solid financial structure in order to improve the net financial position and reduce financial expenses. TerniEnergia has begun a deleveraging process in order to strengthen its balance sheet. This process, which has the objective of guaranteeing the financial resources necessary to support development over the next three years, may involve current shareholders as well as potential investors and/or industrial partners.

press-release_telgs2018-20_29-09-2017slide

28Sep 2017
  • Revenues of Euro 40.2 million, -20.4 % (Euro 50.5 million as at 06/30/2016)
  • EBITDA amounted to Euro 6.8 million, -28.2 % (Euro 9.5 million as at 06/30/2016) with EBITDA margin to 17% (18.8% as at 06/30/2016)
  • EBIT of Euro -6.2 million, (Euro 5.9 million as at 06/30/2016)
  • Net profit amounted to -6.5 million, (Euro 1.1 million as at 06/30/2016)
  • Net Financial Position of Euro 87.5 million, short-term NFP of Euro 10.9 million (Euro 93.9 million as at 12/31/2016, short-term NFP Euro 14.8 million)
  • Net equity amounted to Euro 54.1 million (Euro 57.5 million as at 12/31/2016)
  • Resignation of Independent Director Laura Rossi

 

The Board of Directors of TerniEnergia, smart energy company active listed on the Star segment of the Italian Stock Exchange and part of Italeaf Group, approved today the half-year financial report as at June 30, 2017.

 

CONSOLIDATED RESULTS AS AT JUNE 30, 2017

Revenues amounted to Euro 40.2 million (Euro 50.5 million; -20.4%), showing the contribution of the energy management activities and of the new plants based in Tunisia and in Zambia, and the revenues attributable to e energy efficiency project of Copernico Torino.

EBITDA amounted to Euro 6.8 million, showing a decrease (-28.2%) compared to June 30, 2016 (Euro 95 million) with Ebitda Margin equal to 17% (18.8% as at 06/30/2016).

Net operating income (EBIT) amounted to Euro – 6.2 million (Euro 5.9 million as at June 30, 2016), after depreciation, amortization and write-downs of Euro 13 million. The depreciation is largely attributable to the suspension of EPC’s activities, resulting from the choices made by previous management and partly to the alignment of the impairment of an asset.

Net profit amounted to Euro – 6.5 million (1.1 million at June 30, 2016).

The net financial position amount to Euro 87.5 million (in reduction compared to Euro 93.9 million as at 12/31/2016).The non-current NFP is Euro 76.6 million, while the net financial position in short term amounted to Euro 10.9 million. The NFP/Net equity ratio equal to 1.62x (1.63x as at 12/31/2016).

The Net Equity amounted to Euro 54.1 million (Euro 57.5 million at 12/31/2016).Net equity takes into account the treasury shares held in portfolio, which amounted to No. 1,012,998 (2.15% of the Share Capital).

 

INDUSTRIAL RESULTS AS AT JUNE 30, 2017

The design phase for the 10MW photovoltaic plant on STEG in Tunisia was started and 34 MW in Zambia have been initiated on behalf of the leading international utility. The total number of photovoltaic plants built by TerniEnergia from the beginning of its activity is equal to 274, with an aggregate capacity of approximately 425.27 MWp (12 MWp in full ownership and 42MWp in joint venture for the Power Generation activity). The total energy production of the full ownership and joint ventures plants for the power generation business, in the first half was equal to around 34 million kWh.

The Energy management business line has managed 36.984.102 standard cubic meters of gas equivalent to 404.736 MWh.

Softeco Sismat, the Group’s digital company, managed and coordinated 11 research projects. Softeco’s services and solutions activities have seen a significant expansion of some strategic partnerships with ENEL, SIEMENS and LEONARDO in distribution networks, with TOSHIBA in the significant HVDC connection industry for Terna.

The Energy saving business line has realized interventions of lighting energy efficiency for about 1.392 light points with a expected savings higher than 7 million kWh and 1.309 TEP.

In the environmental sector are operating two treatment and recycle plants of end of life tires (ELTs), a plant based in Nera Montoro (ELTs treated equal to 3,223 tons, granulated and powder rubber sold for 2,693 tons), other plant based in Borgo Val di Taro (ELTs treated equal to 4,141 tons; granulated and powder rubber sold for 2,620 tons); the GreenAsm biodigester and composting plant (17,736 tons of waste delivered; 2,217 MWh energy delivered into the grid; 1,653 tons of compost produced) and finally the ground water remediation plant in Nera Montoro (TR).

 

SIGNIFICANT EVENTS OCCURRED AFTER THE END OF THE HALF-YEAR

TRANSFERRED THE 50% OF PURIFY SRL TO A.T.P. SRL

On July 20, 2017, TerniEnergia has signed an agreement with Appalti Tecnologie Progettazione Ambienti & Costruzioni Srl (A.T.P) for the transfer of 50% of the shares held by TerniEnergia in Purify Srl, owner of groundwater and liquid waste treatment plants.

The transaction has foreseen a consideration for the transfer of Euro 3,425 million, which will be settled in two tranches: by July 2017 for Euro 1.48 million and by June 30, 2019 for Euro 1.94 million.

 

No confidence of the Board of directors against the CEO and resignation of Mr. Piero Manzoni

On September 15, 2017, The Board of Directors of TerniEnergia, a company listed on the Star segment of Borsa Italiana, approved by a majority the no confidence against the Chief Executive Officer Piero Manzoni, taking note of the resignation of Mr. Piero Manzoni, and contesting in full the reasons put forward by the CEO for his resignation. The Board of Directors does not believe that the conditions are met for the payment of any indemnity in favour of the same.

The Board also reconfirmed the powers already delegated to the directors Mr. Fabrizio Venturi and Ms Laura Bizzarri, as well as to the Chairman of the Board of Directors Mr. Stefano Neri, in order to ensure the stability and continuity of the Company’s governance.

 

Integration of the press release issued on 15 September 2017

On September 18, 2017, TerniEnergia announces that with reference to the Press Release issued on Friday 15 September 2017, and concerning the resignation of the Chief Executive Officer, Mr. Piero Manzoni – as requested by Consob – TerniEnergia clarifies that the interruption of the fiduciary relationship with the CEO was due to an irremediable difference of view between Mr. Manzoni and the Board of Directors regarding TerniEnergia’s strategic vision, its prospective positioning as well as the Group’s administrative and organizational management.

 

BUSINESS OUTLOOK

Following the acquisition of Softeco Sismat and Selesoft and the strategic development programs identified by the management, TerniEnergia will complete the transformation process and will launch a phase of relaunching and reorganizing added-value businesses in the sector of smart services and solutions that allow the efficient use of natural resources, developing and implementing these solutions in the fields of power generation, energy saving and sustainable mobility. These businesses will be added to the evolution of asset management activity for the production of energy from renewable sources, energy efficiency, recovery and transformation of raw materials into profitable resources within the environmental industry.

In particular, in the environmental sector, the group aims to complete the new liquid industrial waste treatment plant in Nera Montoro (TR), which will allow to intercept a substantial demand (58,000 cubic meters per year) in a high technological market segment, with high growth prospects. The repositioning of activities will also enable the development and production of smart technologies for the transmission and distribution of energy (smart grid), the flexible and timely management of production and energy consumption, energy efficiency, management of renewable energy and clean tech (energy islands).

It will be so possible to integrate the activities in renewables, energy efficiency, asset and energy management with systems and innovative solutions with high added value, that allow to introduce new technologies in the industry capable of act as a bridge between the industrial and “physical” business and the digital and “virtual” too.

Among the planned activities and, in part, already underway there are important commissions in Africa (Tunisia and Zambia) and the approach to new high potential growth markets (India) that will be the basis for managing  the transition towards the Group’s new identity as a global “technology enabler”, which will be described in the guidelines of the 2018-2020 Strategic Plan. This will allow the fixed costs to be managed more flexibly and through a more rational allocation of the same, also owing to the withdrawal – decided by the Board – of the plan for the collective redundancy of the staff of the Nera Montoro’s Headquarter.

TerniEnergia has begun a deleveraging process in order to strengthen its balance sheet, with the objective of guaranteeing the financial resources necessary to support development over the next years.

 

RESIGNATION OF THE INDEPENDENT BOARD MEMBER MS LAURA ROSSI

The Board of Directors of TerniEnergia, a company listed on STAR segment, announces that today the Independent Board Member, Laura Rossi, has resigned from her office of administrator for claimed lacked promptness of information, necessary for the informed conduction of its role of Independent Board Member. The Board of Directors has taking note of the resignation, not sharing the reasons given by Ms Rossi, pointing out, on the contrary, how  the corporate structure reacted promptly to recent events and provided adequate and consistent information, also considering the need for a ‘timely action.

 

The report of the independent auditors on the condensed half-yearly financial statements, due to the timing with which the related documentation has been made available to them – as a result of the no confidence vote and resignation of the Chief Executive Officer as stated in the press release issued on 15 September 2017 – will be published after the deadline set forth in art. 154 ter paragraph 2 of the Legislative Decree 58/98, as soon as the limited audit activities have been completed.

 

Declaration pursuant to Article 154-bis, paragraph two, of the Consolidated Finance Act

The Officer responsible for the preparation of the corporate accounting documents, Mr Paolo Allegretti, declares, pursuant to paragraph 2, art. 154-bis of the Consolidated Financial Act, that the accounting information that is contained in this press release correspond to the documentary results, the accounting books and records.

 

 

TERNIENERGIA (TER.MI), established in September 2005, and part of Italeaf Group, is the first Italian smart energy company, committed to bring worldwide integrated and sustainable energy solutions. Organized into four business lines (Technical services, Energy management, Energy efficiency and Cleantech), with about400 employees and a geographic presence in almost the continents, with operational and sales offices, TerniEnergia develops solutions, innovative products and services based on digital and industrial technologies for the energy sector.

TerniEnergia, also through its subsidiaries( Softeco Sismat, Selesoft, Greenled Industry, GreenAsm, Wisave, Ant Energy), shall pursue the objectives of increasing energy production from renewable sources, energy efficiency and emissions reduction, as laid down by European environmental policy, and participates actively in the distributed power generation revolution and energy smart grids.

TerniEnergia is the ideal partner for large utilities, distributors and grid operators, power producers, public authorities, industrial customers and investors who intends to carry out large projects for the production of renewable energy plants and modern systems with high energy efficiency, solutions for the management and maintenance of the infrastructure and the electrical systems. TerniEnergia, through a complete technological and commercial offer, develops and provides technologies, turn-key services and solutions for energy consumers in the public and private sectors. The company is listed on the STAR segment of the Italian Stock Exchange.

press-release_te1h17_28-09-2017

15Sep 2017

The Board of Directors of TerniEnergia, a company listed on the Star segment of Borsa Italiana, approved by a majority the no confidence against the Chief Executive Officer Piero Manzoni, taking note of the resignation of Mr. Piero Manzoni, and contesting in full the reasons put forward by the CEO for his resignation. The Board of Directors does not believe that the conditions are met for the payment of any indemnity in favour of the same.

The Board also reconfirmed the powers already delegated to the directors Mr. Fabrizio Venturi and Ms Laura Bizzarri, as well as to the Chairman of the Board of Directors Mr. Stefano Neri, in order to ensure the stability and continuity of the Company’s governance.

 

TERNIENERGIA (TER.MI), established in September 2005, and part of Italeaf Group, is the first Italian smart energy company, committed to bring worldwide integrated and sustainable energy solutions. Organized into four business lines (Technical services, Energy management, Energy efficiency and Cleantech), with about 400 employees and a geographic presence in almost the continents, with operational and sales offices, TerniEnergia develops solutions, innovative products and services based on digital and industrial technologies for the energy sector.

TerniEnergia, also through its subsidiaries (Softeco Sismat, Selesoft, Greenled Industry,GreenAsm, Wisave, Ant Energy), shall pursue the objectives of increasing energy production from renewable sources, energy efficiency and emissions reduction, as laid down by European environmental policy, and participates actively in the distributed power generation revolution and energy smart grids.

TerniEnergia is the ideal partner for large utilities, distributors and grid operators, power producers, public authorities, industrial customers and investors who intends to carry out large projects for the production of renewable energy plants and modern systems with high energy efficiency, solutions for the management and maintenance of the infrastructure and the electrical systems. TerniEnergia, through a complete technological and commercial offer, develops and provides technologies, turn-key services and solutions for energy consumers in the public and private sectors. The company is listed on the STAR segment of the Italian Stock Exchange.